Possibly, the most closely watched economic indicator of the lot, the US jobs report, has been released covering February. And it was good.
US non-farm payrolls rose 235,000 in February, taking the total rise in non-farm payrolls over the last 12 months to 2,350. US unemployment dropped to 4.7 per cent, but average wages rose by 0.2 per cent over the month.
It is thought that unseasonably warm weather helped boost employment in construction, which rose by 58,000.
With the figures showing strong growth in employment, it is expected that the US Federal Reserve will increase interest rates next week when its rates setting committee meets.
Paul Ashworth, Chief US Economist at Capital Economics, said: "Average hourly earnings increased by 0.2 per cent month on month in February and, thanks to an upward revision to the gain in January too, the annual growth rate rebounded to 2.8 per cent last month, from 2.6 per cent. Admittedly, a sub-3 per cent growth rate for wages is still lacklustre relative to the past couple of decades. But in the current environment, where productivity is barely rising at all, the Fed can’t allow wage growth to accelerate much above 3 per cent.
David Lamb, head of dealing at FEXCO Corporate Payments, comments: “A rate hike next week remains a formality after this stronger than expected print. The February number is solid rather than supersonic but that in itself could imply more sustainable growth in the world’s biggest economy.
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